Big Rapids VA Loan Rates, Closing Costs & Stats

Big Rapids, MI

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Big Rapids's 24 lenders originated 55 VA loans during 2024. The total origination value was $14,545,000, with an average VA loan value of $264,455.

    Big Rapids VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Big Rapids averaged 0.78% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Big Rapids's average VA mortgage closing costs are $4,976.

    The average rate for the prior week (2025-06-13) was 6.82% and one month ago for the week of 2025-05-16, the average rate was 7.18%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Big Rapids VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Big Rapids level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 12 6.60% $6,241
    QUICKEN LOANS, LLC 6 6.20% $9,023
    UNITED WHOLESALE MORTGAGE, LLC 5 6.10% $6,207
    GUILD MORTGAGE COMPANY 3 6.63% $6,939
    FIRST COMMUNITY MORTGAGE, INC. 2 7.13% $2,508
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $7,091
    NAVY FEDERAL CREDIT UNION 2 6.31% $8,435
    NEW DAY FINANCIAL, LLC 2 7.62% $15,975
    FREEDOM MORTGAGE CORPORATION 2 7.31% $6,760
    PNC Bank 1 6.63% $892
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $1,751
    S1L, Inc. 1 5.75% $9,637
    Sunflower Bank 1 7.75% $5,447
    The Huntington National Bank 1 7.13% $1,156
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $3,205
    VILLAGE CAPITAL MORTGAGE 1 5.75% $9,619
    Barrington Bank & Trust Company, N.A. 1 6.75% $2,291
    Carrington Mortgage Services, LLC 1 6.13% $14,532
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $6,749
    FIRST COLONY MORTGAGE CORPORATION 1 6.25% $3,096
    Flagstar Bank, FSB 1 5.63% $8,053
    GUARANTEED RATE, INC. 1 5.99% $10,134
    NEWREZ LLC 1 5.75% $3,814
    PLANET HOME LENDING, LLC 1 5.99% $3,314

    The top Big Rapids VA lender as defined by loan originations is Mortgage Research Center, LLC, with 12 VA loans originated. Their average total fees are $6,241, which is $2,782 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Big Rapids VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,241), .

    The lowest rate Big Rapids VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.60%), .

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.